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SUI has recently made a significant impact in the altcoin market, experiencing a remarkable 120% surge since early September.
The sudden price increase has caught the attention of investors and analysts alike, with data from DefiLlama showing that SUI’s Total Value Locked (TVL) is nearing the $1 billion mark.
The increasing TVL has sparked speculation that SUI could be on the verge of reaching a new all-time high, with many attributing its momentum to a growing ecosystem and rising adoption.
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Currently, SUI is testing a crucial resistance level that, if broken, could lead to a price surge challenging its previous all-time high of $2.18. With evolving market conditions and a growing interest in decentralized finance, many are closely monitoring SUI for its potential to lead the next altcoin rally.
If the resistance holds, the price may consolidate before making a stronger push upwards. However, a breakthrough by the bulls could set the stage for a significant upward movement, positioning SUI as a standout performer in the cryptocurrency space.
SUI’s Rising TVL Indicates Growing Demand
SUI has sparked optimism among investors and traders who see the Layer-1 blockchain as a potential big winner in the current bull market.
Key metrics and analyst insights suggest a growing interest in SUI, driven not only by retail investors but also by institutions pushing its price higher.
On August 5, amidst a broader market crash, SUI’s Total Value Locked (TVL) dropped to $342 million. However, the blockchain has since made an impressive recovery, with its TVL nearly tripling to $885 million, according to DeFiLlama data.
TVL is a crucial metric that reflects the total value of assets staked or locked within a protocol. A decrease in TVL indicates liquidity withdrawal, while an increase, like SUI’s 40% rise in the past 30 days, signals growing trust in the project and a healthier ecosystem.
This significant TVL increase is a positive indicator, suggesting that SUI’s network is attracting more liquidity and usage.
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Currently, SUI’s price is just 40% below its all-time high, creating an ideal scenario for bulls who believe in the project’s potential for explosive growth. Many expect SUI to be a standout performer in this cycle as its ecosystem expands and investor confidence grows.
Technical Levels To Monitor
SUI is currently trading at $1.55 after a substantial 60% rally since last Tuesday, indicating strong market momentum. The price has risen with increasing volume, consolidating just below a key supply level—a sign of strength and confirmation of a bullish trend. Bulls need to maintain SUI above $1.40 to sustain momentum. This level, once a supply zone, may now act as a new demand zone.
Maintaining consolidation above $1.40 could propel the price to higher levels, particularly towards $1.71. Reclaiming $1.71, a critical supply zone, would position SUI to challenge its previous all-time high. Breaking through this level could pave the way for further price appreciation and potentially a new all-time high.
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A deeper correction could occur if SUI fails to hold its current price levels. Lower demand zones around $1.25 or even $1.17 may offer support. This could slow down the rally, but the overall bullish outlook remains intact as long as the price stays within these key levels.
Featured image from Dall-E, chart from TradingView